Question: 1.Post the following transactions using the general journal Exercise 6 - A customer purchases a new truck from the dealership.The sales agreement includes tinting the
1.Post the following transactions using the general journal
Exercise 6 - A customer purchases a new truck from the dealership.The sales agreement includes tinting the windows (line 01), installing a bed liner (line 02) and heavy duty rear bumper (line 03).The service department charges the vehicle sales department $150.00 for the window tinting which is done by Ace Window tinting at a cost of $135.00.The price of the bed liner is $185.00 and it costs $155.00.The price of the bumper is $150.00 and it costs $125.00.The internal labor rate is $60.00 per hour.The bed liner takes 0.3 hours to install and the bumper takes 0.4 hours.Technicians are paid $20.00 per hour.
Exercise 7 - BMW West, a local import dealership (Customer# 103) gets A/C repair work done on their Ford Parts truck.The parts wholesale price is $48.00, the cost is $43.00, and they are eligible for a wholesale compensation incentive of $7.00 (posted at the time of the transaction).Labor for this A/R charge customer is $60 per hour.The job takes 1.0 hours and technicians are paid $20.00 per hour.
Exercise 8 - A retail customer comes in to redeem a coupon she received for a free oil change when she purchased her new vehicle.The normal price for an oil change is $40.00 total.Oil is sold for $8.00 and costs $4.00.The oil filter price is $4.00 and it costs $2.00.The technician is paid a flat $7.00 per oil change.Tax is charged at 5.00% even though the customer does not pay it with the coupon.(Hint:The new vehicle free service/maintenance account is 7050.
2.Transfer your journal entries to the General Ledger.
3.Transfer details for G/L account 1120 to the schedule.
4.Transfer details for G/L account 1180 to the schedule.
5.Transfer details for G/L account 1441 to the schedule.
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